REDWOOD SHORES, Calif., May 20, 2002 (http://www.oracle.com/tellmemore/?1335268 ) Oracle Corporation (Nasdaq: ORCL - News), the largest enterprise software vendor, today introduced Oracle® Lease Management, a new Oracle E-Business Suite application that helps simplify and manage complex leasing agreements for the $260 billion United States lease management business (source: the ELA Survey of Industry Activity Report 1999-2000). By automating the complete lease lifecycle, Oracle Lease Management can cut costs associated with offline time and labor operations, reduce risks from lost revenue and lease renewals, increase internal productivity, and enhance customer relationships with improved data accuracy, transaction speed, services and offerings.
To date, leasing information and asset contracts have been stored in disparate legacy systems. Yet as leasing agreements between parties become more complex, companies are over spending in an attempt to consolidate real-time, global, lease and asset information by undergoing extensive overhauls or upgrades. Using Oracle Lease Management, companies can avoid costly customizations while achieving instant access to information from their front and back office systems to facilitate effective management of multiple agreements and relationships between lessees, vendors, partners and investors.
Companies such as global management and IT consultant Cap Gemini, Ernst & Young and Northern Consulting recognize the need for and value of a lease management solution like Oracle's. "Effectively tracking leases and asset operations is key to a company's business and bottom-line," said Tony Turni, of Cap Gemini Ernst & Young, one of the largest consulting firms in the world and a leading provider of project and outsourced solutions in Financial Services and Leasing Management. "As the only comprehensive solution on the market that also manages contracts on an asset-based level, Oracle Lease Management enforces best practices globally. From the beginning, Cap Gemini Ernst & Young worked with Oracle Development and its charter customer to develop the requirements and specifications which form the basis for the Oracle's leasing solution."
Oracle Lease Management helps streamline operations by tracking leases from loan origination to contract termination, including credit approval, vendor payment, contract authoring, activation and billing. The Oracle solution can reduce costs by combining multiple deployments into a single instance, providing a 360-degree view of all parties involved, and helping ensure that the appropriate data is shared with customers and partners.
"Oracle Lease Management enables companies to actively manage multiple agreements, parties and relationships with a lot of flexibility," said Cameron Krueger of Northern Consulting, a provider of systems and operations consulting to the equipment finance and leasing industry. "We see companies benefiting greatly from this tool because it is extremely configurable. Companies can define their own business rules, calculations and products. In turn, lessors can grow their portfolios and offer innovative financing products while streamlining operations with a well integrated approach to contract management."
Turni adds, "Oracle Lease Management enables companies to actively manage multiple agreements, parties and relationships. In addition, this application can help streamline a company's creation of the various portfolio management profiles -- such as strategy, budget amount and
execution date -- and allow it to anticipate more investment returns."
As the business process distinctions between traditional CRM and ERP functions blur, applications like Oracle Lease Management enable companies to provide better customer service by seamlessly sharing data between the back and front offices on one database. "Oracle Lease Management is another example of how Oracle applications are integrated, highly-functional, and automated across the entire suite," said Tony Gaughan, vice president of applications development, Oracle Corporation. "Companies that extend their CRM data into other areas of their business will benefit by improving operational efficiencies and increasing customer satisfaction."
Oracle's commitment to the leasing industry extends beyond the product offering to services as well. Oracle Consulting has developed a global consulting leasing industry practice, that will help customers implement and configure the lease management application.
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